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USD/TRY Forex Signal: Lira Rising Strongly – 30 March 2022

Today’s recommendation on the lira against the dollar

– Risk 0.50%.

– The buy trade of the recommendation was activated yesterday, and a profit was exited with moving the stop loss point to the entry point and closing half of the contracts.

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Best entry points buy

Entering a buy position with a pending order from 14.35 levels

– Set a stop-loss point to close the lowest support level 14.16.

– Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.

Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the strong resistance levels at 15.00.

Best selling entry points

Entering a short position with a pending order from 14.77 levels.

– The best points for setting stop-loss are closing the highest levels of 14.90.

– Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.

Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the support levels 14.40

The Turkish lira rose sharply against the US dollar during yesterday’s trading. The stock market in Turkey also rose, motivated by positive news about the negotiations between Russia and Ukraine, after the Ukrainian President announced the possibility of describing the talks with Russia as positive. Turkey is hosting the talks between the two warring parties, and investors are awaiting the second round of negotiations. At the same time, the US dollar’s decline against most major currencies and emerging economies’ currencies helped. As the markets priced the dollar’s rise, it did not change much after the Fed members’ statements about increasing the interest rate and withdrawing quantitative stimulus.

On the technical front, the Turkish lira declined against the dollar during the early trading after strong gains yesterday. The lira broke its two-week stability against the US dollar within a narrow range on the 240-minute time frame, which is shown through the rectangle on the chart. The pair varied around the 50, 100 and 200 moving averages, respectively, on the four-hour time frame, as well as the 60-minute time frame. The pair is trading the highest levels of support, which are concentrated at 14.51 and 14.43 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.77 and 14.85, respectively. We expect the pair to return to decline from the resistance levels of 14.68. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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